How far below market would you keep an excellent tenant?

S

slate.modern

Property investor
Established
I have 23 days to decide what to do about a tenant who pays on time, reports problems early and looks after the property. They currently pay $1,816, while comparable market rent is about $2,343. I value the stability and know turnover has costs, but I also do not want that gap widening indefinitely. Would you choose a small predictable increase, freeze the rent, or pair improvements with a future review?
 
I would lean toward a modest increase rather than trying to close the whole $527 gap. First estimate the real cost of replacement: likely vacancy time, preparation work, uncertainty over payment and care, plus deposit handling. Also confirm what notice the local jurisdiction requires, because 23 days may limit your options. One missing detail is the maintenance history—does the property need improvements the tenant would genuinely value, or would that just add cost without supporting the increase?
 
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